Deutsche Bank Starts Dynegy (DYN) at Sell
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Price: $26.54 +2.08%
Rating Summary:
17 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 9 | New: 13
Rating Summary:
17 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 9 | New: 13
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Deutsche Bank initiated coverage on Dynegy (NYSE: DYN) with a Sell rating and a price target of $17.00. Analyst Keith Stanley thinks valuation is lofty.
"Mgmt is off to a strong start with an attractive strategy, and we see above-average M&A potential. However, our estimates are significantly below consensus and we find valuation to be unsupported even when using optimistic assumptions. If the AER deal closes, we would still need to assume MISO power prices that are 15-25% above market or MISO capacity prices north of $100/MW-day in order for DYN to trade in line with peers on EV/EBITDA and FCF yield," said Stanley.
For an analyst ratings summary and ratings history on Dynegy click here. For more ratings news on Dynegy click here.
Shares of Dynegy closed at $21.35 yesterday.
"Mgmt is off to a strong start with an attractive strategy, and we see above-average M&A potential. However, our estimates are significantly below consensus and we find valuation to be unsupported even when using optimistic assumptions. If the AER deal closes, we would still need to assume MISO power prices that are 15-25% above market or MISO capacity prices north of $100/MW-day in order for DYN to trade in line with peers on EV/EBITDA and FCF yield," said Stanley.
For an analyst ratings summary and ratings history on Dynegy click here. For more ratings news on Dynegy click here.
Shares of Dynegy closed at $21.35 yesterday.
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